In a significant development for the cement industry in Nigeria, major players such as Dangote Cement, BUA Cement, and Lafarge Africa purportedly reached an agreement with the federal government to regulate the price of a 50kg bag of cement. According to reports, this agreement, forged during a meeting led by the Minister of Works, David Umahi, in Abuja on February 19, 2024, was aimed at curbing the soaring prices of cement and fostering positive impacts on construction projects across the country.
However, despite the agreement’s intentions, recent surveys conducted by Legit.ng have brought to light a concerning trend where retailers are allegedly not adhering to the agreed-upon price range. This discrepancy between the agreed-upon prices and the actual prices at which retailers are selling cement has raised questions about the effectiveness of the negotiations.
Current Cement Prices in Nigeria:
- Dangote Cement Plc: The survey indicates that retailers are currently selling Dangote Cement at prices ranging from N11,000 to N12,500, a notable deviation from the agreed-upon range of N7,000 to N8,000.
- Lafarge Africa Plc: Lafarge Cement, another major player in the industry, is reportedly being sold for prices ranging between N12,000 to N14,000, which exceeds the agreed-upon range.
- BUA Cement: Despite the agreed-upon price range, retailers are reportedly selling BUA Cement for prices between N10,000 and N11,000.
- UNICEM Cement: The survey suggests that UNICEM Cement is being sold within the range of N12,000 to N14,000, again surpassing the agreed-upon price range.
- Ibeto Cement: Ibeto Cement is reportedly priced between N10,000 and N11,000, further indicating a deviation from the agreed-upon price range.
READ ALSO: Latest Cement Price Update Today, 25th February 2024
The continued disparity between the agreed-upon prices and the actual prices in the market raises concerns among consumers and stakeholders. Despite assurances from the Cement Producers’ Association of Nigeria (CEPAN) that they are ready to collaborate with the government to bring down prices within 30 days, challenges such as the foreign exchange crisis continue to be cited as reasons for the persistent increase in cement prices.
Stakeholders in the cement industry need to address these challenges promptly to ensure that the intended benefits of the agreement, such as affordable construction materials, reach consumers and positively impact construction projects across the nation.
Source: Legit.ng
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